777 pub jili
CCAR_McKie 10 pass from Vasko (Hensley kick), 8:15. GAST_FG Rickman 28, 14:07. GAST_Brock 19 run (Rickman kick), 8:38. CCAR_Courtney 5 pass from Vasko (Hensley kick), 4:16. CCAR_FG Hensley 43, :01. CCAR_C.Washington 18 run (Hensley kick), 10:56. GAST_FG Rickman 30, 7:06. CCAR_McKie 31 pass from Vasko (Hensley kick), 2:44. GAST_Brock 1 run (pass failed), :25. CCAR_Vasko 10 run (Hensley kick), 9:50. CCAR_FG Hensley 23, 8:33. CCAR_Fletcher 39 interception return (Hensley kick), 7:13. GAST_Fleming 6 pass from Lowe (Hurst pass from Lowe), 4:36. RUSHING_Coastal Carolina, Washington 20-124, Vasko 13-68, Bennett 8-43, Price 5-26, Lloyd 3-10, Taylor 1-5, Duplessis 1-1, (Team) 2-(minus 2). Georgia St., Brock 14-71, Veilleux 11-62, Lowe 3-47, Dukes 2-11, Beasley 3-11. PASSING_Coastal Carolina, Vasko 13-17-1-200, (Team) 0-1-0-0, Duplessis 0-1-1-0, Kim 0-1-0-0. Georgia St., Veilleux 15-26-4-205, Lowe 2-6-0-21. RECEIVING_Coastal Carolina, McKie 5-81, Tucker 3-31, Karr 2-35, Duplessis 1-41, Berrong 1-7, Courtney 1-5. Georgia St., Hurst 8-131, Dukes 3-15, Riles 2-26, Fleming 2-18, Brock 1-21, Milton 1-15. MISSED FIELD GOALS_None.
Second Cup dumps Jewish General Hospital franchisee over video with 'hateful remarks'
Tesco F&F release glittery dress great for Christmas partiesROCKVILLE, Md.--(BUSINESS WIRE)--Dec 5, 2024-- Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces financial results for its third quarter of fiscal year 2025 ended October 31, 2024. The Company will host an investor conference call today, December 5, 2024, at 5:00 p.m. ET. Consolidated Financial Highlights ($ in thousands, except per share data) October 31, For the Quarter Ended: 2024 2023 Change Revenues $ 257,008 $ 163,755 $ 93,253 Gross profit 44,327 19,235 25,092 Gross margin % 17.2 % 11.7 % 5.5 % Net income $ 28,010 $ 5,464 $ 22,546 Diluted income per share 2.00 0.40 1.60 EBITDA 37,509 12,180 25,329 Cash dividends per share 0.375 0.300 0.075 October 31, For the Nine Months Ended: 2024 2023 Change Revenues $ 641,705 $ 408,779 $ 232,926 Gross profit 93,376 57,201 36,175 Gross margin % 14.6 % 14.0 % 0.6 % Net income $ 54,090 $ 20,340 $ 33,750 Diluted income per share 3.91 1.50 2.41 EBITDA 74,241 33,774 40,467 Cash dividends per share 0.975 0.800 0.175 October 31, January 31, As of: 2024 2024 Change Cash, cash equivalents and investments $ 506,282 $ 412,405 $ 93,877 Net liquidity (1) 280,977 244,919 36,058 Share repurchase treasury stock, at cost 102,746 97,528 5,218 Project backlog 800,000 757,000 43,000 (1) Net liquidity, or working capital, is defined as total current assets less total current liabilities. David Watson, President and Chief Executive Officer of Argan, commented, “Our third quarter revenues and earnings, each the second highest in Company history, reflect strong execution across all of our businesses, which drove consolidated revenues growth of 57% to $257 million, gross margin of 17.2%, net income of $28.0 million, or $2.00 per diluted share, and EBITDA of $37.5 million. Our power industry services segment had a particularly strong quarter as evidenced by revenue growth of 75% to $212 million with gross margin of 18.3%, demonstrating our ability to drive enhanced profitability on our renewable as well as on our natural gas projects. “Our backlog of $0.8 billion at the close of the quarter increased 6% compared to backlog entering fiscal year 2025, and includes $478 million of renewable projects, reflecting the market appeal of our energy agnostic capabilities and our ability to diversify our backlog mix. The industry is seeing strong demand for natural gas projects and we believe that our expertise, well-established industry relationships and reputation for enabling efficient and on-budget project completion provide a competitive advantage as we pursue new opportunities. “As we move through the close of our fiscal year, we are encouraged by the strengthening pipeline of planned energy facilities as the industry prepares for the anticipated unprecedented growth in power demand driven by data centers, reshoring of manufacturing operations and increased EV charger utilization. We believe our successful track record as an effective partner in the construction of both traditional and renewable power facilities position us well to capitalize on the current and future need for high quality energy resources to support the power grid.” Third Quarter Results Consolidated revenues for the quarter ended October 31, 2024 were $257.0 million, an increase of $93.3 million, or 57%, from consolidated revenues of $163.8 million reported for the comparable prior year quarter. The Company achieved increased revenues with heightened quarterly construction activities at several projects, including the Midwest Solar and Battery Projects; the Trumbull Energy Center, a large combined cycle, gas-fired power plant under construction near Lordstown, Ohio; the 405 MW Midwest Solar Project; and the Louisiana LNG Facility. The overall increase in consolidated revenues between quarters was partially offset by decreased construction revenues associated with the Guernsey Power Station project, the Shannonbridge Power Project and the ESB FlexGen Peaker Plants, as those projects have been completed. For the quarter ended October 31, 2024, Argan’s consolidated gross profit was approximately $44.3 million, or 17.2% of consolidated revenues, reflecting profit contributions from all three reportable business segments. The consolidated gross margin for the quarter reflects the changing mix of projects, strong execution and certain positive job closeouts. Last year, during the third quarter ended October 31, 2023, gross profit was negatively impacted by a loss on the Kilroot project, which reduced gross profit by approximately $10.7 million. Consolidated gross profit for the quarter ended October 31, 2023 was $19.2 million, or 11.7% of consolidated revenues. Selling, general and administrative expenses increased by $2.6 million to $14.0 million for the quarter ended October 31, 2024, from $11.4 million in the comparable prior year quarter. However, as a percentage of revenues, these expenses declined to 5.4% in the third quarter of fiscal 2025 as compared to 6.9% in the third quarter of fiscal 2024. Other income, net, for the three months ended October 31, 2024 was $6.6 million, which reflected income earned during the period on invested funds in the total amount of approximately $4.8 million. During the quarter ended October 31, 2024, the Company recorded income tax expense of $9.0 million, primarily due to consolidated pre-tax book income of $37.0 million. For the comparable period last year, the effective tax rate was higher primarily due to the unrecognized tax loss benefit related to the Kilroot project. For the quarter ended October 31, 2024, Argan achieved net income of $28.0 million, or $2.00 per diluted share, compared to $5.5 million, or $0.40 per diluted share, for last year’s third quarter. EBITDA for the quarter ended October 31, 2024 increased to $37.5 million compared to $12.2 million in the same quarter of last year. Argan maintained a substantial total balance of cash, cash equivalents and investments during the quarter. The total balances were $506.3 million and $412.4 million as of October 31 and January 31, 2024, respectively. Balance sheet net liquidity was $281.0 million at October 31, 2024 and $244.9 million at January 31, 2024; furthermore, the Company had no debt. First Nine Months Results Consolidated revenues for the nine months ended October 31, 2024 were $641.7 million, an increase of $232.9 million, or 57.0%, from consolidated revenues of $408.8 million reported for the comparable prior year period. For the nine months ended October 31, 2024, consolidated gross profit increased to approximately $93.4 million, which represented a consolidated gross margin of 14.6%, compared to consolidated gross profit of $57.2 million, or consolidated gross margin of 14.0%, reported for the nine months ended October 31, 2023. The gross profit percentage increased between periods primarily due to the changing mix of projects and contract types. Additionally, during the nine-month periods ended October 31, 2024 and 2023, gross profit was negatively impacted by a loss recorded on the Kilroot Project, which reduced gross profit by approximately $2.6 million and $11.5 million, respectively. Selling, general and administrative expenses increased by $5.4 million to $37.8 million for the nine months ended October 31, 2024, from $32.5 million in the comparable prior year period. However, as a percentage of revenues, these expenses declined to 5.9% from 7.9% between the periods. Other income, net, for the nine months ended October 31, 2024 was $17.0 million, which reflected income earned during the period on invested funds of approximately $14.0 million, as the weighted average balances of investments are meaningfully higher this year. The Company recorded income tax expense of $18.5 million for the nine months ended October 31, 2024 primarily due to corresponding consolidated pre-tax book income of $72.6 million. For the comparable period last year, the effective tax rate was higher primarily due to the unrecognized tax loss benefit related to the Kilroot project. For the nine months ended October 31, 2024, Argan achieved net income of $54.1 million, or $3.91 per diluted share, versus net income of $20.3 million, or $1.50 per diluted share, for last year’s comparable period. EBITDA for the nine months ended October 31, 2024 was $74.2 million compared to $33.8 million in the same period of last year. Conference Call and Webcast Argan will host a conference call and webcast for investors today, December 5, 2024, at 5:00 p.m. ET. Domestic stockholders and interested parties may participate in the conference call by dialing (888) 506-0062 and international participants should dial (973) 528-0011; all callers shall use access code: 925404. The call and the accompanying slide deck will also be webcast at: https://www.webcaster4.com/webcast/page/2961/51625 The conference call and slide deck may also be accessed via the Investor Center section of the Company’s website at https://arganinc.com/investor-center . Please allow extra time prior to the call to visit the site. A replay of the teleconference will be available until December 19, 2024, and can be accessed by dialing 877-481-4010 (domestic) or 919-882-2331 (international). The replay access code is 51625. A replay of the webcast can be accessed until December 5, 2025. About Argan Argan’s primary business is providing a full range of construction and related services to the power industry. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, maintenance, project development and technical consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated industrial construction, fabrication and plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services. Non-GAAP Financial Measures The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). Within this press release, the Company makes reference to earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure. The Company believes that the non-GAAP financial measure described in this press release is important to management and investors because the measure supplements the understanding of Argan’s ongoing operating results, excluding the effects of capital structure, depreciation, amortization, and income tax rates. The non-GAAP financial measure referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in this press release. Financial tables at the end of this press release provide a reconciliation of the non-GAAP financial measures to the comparable GAAP measures. Safe Harbor Statement Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, the Company’s ability to successfully complete the projects that it obtains, and the Company’s effectiveness in mitigating future losses related to the Kilroot loss contract. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings. ARGAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended October 31, October 31, 2024 2023 2024 2023 REVENUES $ 257,008 $ 163,755 $ 641,705 $ 408,779 Cost of revenues 212,681 144,520 548,329 351,578 GROSS PROFIT 44,327 19,235 93,376 57,201 Selling, general and administrative expenses 13,995 11,375 37,848 32,467 INCOME FROM OPERATIONS 30,332 7,860 55,528 24,734 Other income, net 6,646 3,733 17,044 7,222 INCOME BEFORE INCOME TAXES 36,978 11,593 72,572 31,956 Income tax expense 8,968 6,129 18,482 11,616 NET INCOME 28,010 5,464 54,090 20,340 OTHER COMPREHENSIVE INCOME, NET OF TAXES Foreign currency translation adjustments (957 ) (882 ) (1,933 ) (627 ) Net unrealized losses on available-for-sale securities (659 ) (427 ) (169 ) (1,147 ) COMPREHENSIVE INCOME $ 26,394 $ 4,155 $ 51,988 $ 18,566 NET INCOME PER SHARE Basic $ 2.07 $ 0.41 $ 4.04 $ 1.52 Diluted $ 2.00 $ 0.40 $ 3.91 $ 1.50 WEIGHTED AVERAGE SHARES OUTSTANDING Basic 13,530 13,328 13,398 13,381 Diluted 14,034 13,559 13,830 13,549 CASH DIVIDENDS PER SHARE $ 0.375 $ 0.300 $ 0.975 $ 0.800 ARGAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) October 31, January 31, 2024 2024 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 175,349 $ 197,032 Investments 330,933 215,373 Accounts receivable, net 131,660 47,326 Contract assets 44,620 48,189 Other current assets 34,579 39,259 TOTAL CURRENT ASSETS 717,141 547,179 Property, plant and equipment, net 14,147 11,021 Goodwill 28,033 28,033 Intangible assets, net 1,924 2,217 Deferred taxes, net 1,254 2,259 Right-of-use and other assets 6,365 7,520 TOTAL ASSETS $ 768,864 $ 598,229 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 87,085 $ 39,485 Accrued expenses 78,393 81,721 Contract liabilities 270,686 181,054 TOTAL CURRENT LIABILITIES 436,164 302,260 Noncurrent liabilities 3,996 5,030 TOTAL LIABILITIES 440,160 307,290 STOCKHOLDERS’ EQUITY Preferred stock, par value $0.10 per share – 500,000 shares authorized; no shares issued and outstanding — — Common stock, par value $0.15 per share – 30,000,000 shares authorized; 15,828,289 shares issued; 13,569,104 and 13,242,520 shares outstanding at October 31, 2024 and January 31, 2024, respectively 2,374 2,374 Additional paid-in capital 168,441 164,183 Retained earnings 266,334 225,507 Treasury stock, at cost – 2,259,185 and 2,585,769 shares at October 31, 2024 and January 31, 2024, respectively (102,746 ) (97,528 ) Accumulated other comprehensive loss (5,699 ) (3,597 ) TOTAL STOCKHOLDERS’ EQUITY 328,704 290,939 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 768,864 $ 598,229 ARGAN, INC. AND SUBSIDIARIES RECONCILIATION TO EBITDA (In thousands) (Unaudited) Three Months Ended October 31, 2024 2023 Net income, as reported $ 28,010 $ 5,464 Income tax expense 8,968 6,129 Depreciation 433 489 Amortization of intangible assets 98 98 EBITDA $ 37,509 $ 12,180 Nine Months Ended October 31, 2024 2023 Net income, as reported $ 54,090 $ 20,340 Income tax expense 18,482 11,616 Depreciation 1,376 1,524 Amortization of intangible assets 293 294 EBITDA $ 74,241 $ 33,774 View source version on businesswire.com : https://www.businesswire.com/news/home/20241205082200/en/ CONTACT: Company: David Watson 301.315.0027 Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor Relations 203.972.9200 argan@imsinvestorrelations.com KEYWORD: EUROPE UNITED STATES UNITED KINGDOM NORTH AMERICA MARYLAND INDUSTRY KEYWORD: OTHER ENERGY SUSTAINABILITY ALTERNATIVE ENERGY ENERGY TECHNOLOGY OTHER CONSTRUCTION & PROPERTY CONSTRUCTION & PROPERTY ENVIRONMENT OTHER COMMUNICATIONS ENGINEERING COMMUNICATIONS TELECOMMUNICATIONS MANUFACTURING SOURCE: Argan, Inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:05 PM http://www.businesswire.com/news/home/20241205082200/en Copyright Business Wire 2024.Packers wide receiver Romeo Doubs leaves game because of concussion
Once upon a time, reinvention was not part of our lexicon. Life was predictable growing up in the ’50s and ’60s. Our grandparents were the fountain of wisdom and virtue, much revered in the community. No significant events, culturally and politically, were held without their blessing. We sought their foresight and judgment; they could do no wrong. But that era passed with their demise. So much has changed since. The societal changes and upheavals in the larger community were gradual and passive. The stability of the postwar decades began to unravel by the mid ’80s and early ’90s. The collapse of the Soviet Union, the rise of cable networks, and the beginnings of the internet were the political and social alterations of that decade. It was not until the rapid rise of social media, along with significant societal eruptions like same-sex marriage, that the rise of LGBTQI and the transgender phenomenon jolted us out of our laissez-faire attitude toward homosexuality and drug abuse. The Pope’s recent declaration is a testament to a major realignment of long-held views when he came full circle, and recognized that religion is the most divisive human invention that has caused much misery throughout history. The natural change process, called natural selection, is a slow adaptation mechanism. Without human intervention, coping with environmental changes like climate change could take tens of thousands of years or more. It has never been a problem in the past millennia because humanity constantly collaborated with nature in the hunting-gathering-agricultural phase of civilization. The Advent of the Enlightenment years and later, “Big Science” left us unable to change fast enough to keep up with major environmental upheavals. Today’s extinction rate is estimated to be 1,000-10,000 times higher than the natural extinction rate. Entrenched belief has held us back more often than most people realize. The wisdom of the old folks (matatanda) is highly overrated. They have no clue about the realities of today. We are saddled with slogans that ring hollow in today’s paradigm: “Ang hindi lumingon sa pinanggalingan ay hindi makakarating sa pupuntahan. (If you don’t look back on where you came from, you won’t make it to where you’re going.)” This is one of those regressive BS that holds us back. It’s more like, “Ang hindi tumitingin sa pupuntahan ay hindi makakarating sa patutunguhan. (If you’re not looking where you’re going, you’re not going to get there.)” Filipinos are very often cultural casualties of superstitious rubbish. We have to stop passing on this nonsense to our children. Political dynasties (80 percent in the Philippines, the world’s highest) are so unrelenting that reinventing our politics is becoming a distant dream. It’s the one institution that can bring enormous changes to this country. But as long as we have foxes in the hen house, our legislators see only a trough from which they can fatten themselves. In this era of political realignment and globalization, our country’s ability to reinvent itself is hamstrung by people who are disciples of the past and who can only see through the lens of kindred souls with the same ideas and biases. The generational divide has never been so vast. Dynastic politics offers nothing but roadblocks to self-realization. Humans have been on a rush since the Enlightenment. We innovate to respond to our immediate needs, whether to increase our food supply, mitigate environmental concerns, provide cutting-edge health care, or become more responsive to socioeconomic concerns. The most innovative countries show a trajectory of progress. Based on our population and resourcefulness, the Philippines should rank much better than we do. (In the list of most innovative countries in 2024, we are No. 53, and tiny Singapore is No. 4, after the United States.) Being innovative, after all, is dependent on creativity and resourcefulness. Many countries with fewer human capital are trending higher than us. In fact, we have been victims of our early successes; we sat too long on our laurels. Our system became stale, our educational standards have gone down, our political leaders got busy enriching themselves, our people have become disillusioned, and talent started migrating elsewhere. Our creative outputs have been victims of religious subjugation; we are beset by doubt and internal fear brought on by 500 years of theological colonialism. Who is going to lead us at the turn of the century? We will be at the mercy of the descendants of today’s dynasty and the continued control of oligarchs. If the future generation of Filipinos chooses to stay put, staying engaged will prove consequential. Until our political leadership reinvents itself into a benevolent stewardship, our country’s future remains at the margins. —————- Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . Edwin de Leon is Canada-based, and an occasional contributor to Philippine Daily Inquirer.Health centre gets ₹25L new machineWearing soars to the top
Chinese military trials 'robot dogs' armed with machine guns
SAN RAMON, Calif.--(BUSINESS WIRE)--Dec 5, 2024-- Chevron Corporation today announced an organic capital expenditure range of $14.5 to $15.5 billion for consolidated subsidiaries (capex) and an affiliate capital expenditure (affiliate capex) range of $1.7 to $2.0 billion for 2025. The company’s 2025 capex and affiliate capex budgets represent a $2 billion year-over-year reduction. "The 2025 capital budget along with our announced structural cost reductions demonstrate our commitment to cost and capital discipline," said Chevron Chairman and CEO Mike Wirth. "We continue to invest in high-return, lower-carbon projects that position the company to deliver free cash flow growth." Capex Upstream spending is expected to be about $13 billion, of which roughly two-thirds is allocated to develop Chevron’s U.S. portfolio. Permian Basin spend is lower than the 2024 budget and anticipated to be between $4.5 and $5.0 billion as production growth is reduced in favor of free cash flow. The remaining U.S. investment is split between the DJ Basin and the Gulf of Mexico, where deepwater growth projects continue to ramp and are expected to deliver offshore production of 300 mboed in 2026. In International, about $1.0 billion is allocated to Australia, which include Gorgon backfill investments. Downstream capex is expected to be approximately $1.2 billion, with two-thirds allocated to the U.S. Within total upstream and downstream budgets, about $1.5 billion of capex is dedicated to lowering the carbon intensity of our operations and growing New Energies businesses. Corporate and other capex is expected to be around $0.7 billion. Affiliate Capex Tengizchevroil LLP’s budget is less than half of the affiliate capex as the Future Growth Project is projected to achieve first oil in the first half of 2025. The remaining affiliate spend primarily supports Chevron Phillips Chemical Company LLC, which includes the Golden Triangle Polymers and Ras Laffan Petrochemical Projects. 4Q24 Interim Update In connection with recently announced plans to achieve $2 to $3 billion in structural cost reductions by the end of 2026, the Company expects to recognize a restructuring charge of $0.7 to $0.9 billion after-tax in the fourth quarter, with associated cash outflows over the next two years. The Company also anticipates recognizing non-cash, after-tax charges related to impairments, asset sales, and other obligations of $0.4 to $0.6 billion in the fourth quarter. The Company expects to treat these as special items and exclude them from adjusted earnings. It is possible that the financial impact of these items may differ from the estimates provided, including differences due to final accounting determinations, changes in facts, circumstances or assumptions or other developments in the interim. Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies. More information about Chevron is available at www.chevron.com . NOTICE As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Structural cost reductions describe decreases in operating expenses from operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels. Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/ investors, LinkedIn: www.linkedin.com/company/chevron , X: @Chevron, Facebook: www.facebook.com/ chevron, and Instagram: www.instagram.com/chevron , where Chevron often discloses important information about the company, its business, and its results of operations. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron’s operations and lower carbon strategy that are based on management’s current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine, the conflict in Israel and the global response to these hostilities; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; the potential for gains and losses from asset dispositions or impairments; the possibility that future charges related to enterprise structural cost reduction initiatives, impairments and other obligations may be greater or different than anticipated, including as a result of unexpected or changed facts, circumstances and assumptions; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the risk that regulatory approvals and clearances related to the Hess Corporation (Hess) transaction are not obtained or are obtained subject to conditions that are not anticipated by the company and Hess; potential delays in consummating the Hess transaction, including as a result of the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement; risks that such ongoing arbitration is not satisfactorily resolved and the potential transaction fails to be consummated; uncertainties as to whether the potential transaction, if consummated, will achieve its anticipated economic benefits, including as a result of risks associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the potential transaction that are not waived or otherwise satisfactorily resolved; the company’s ability to integrate Hess’ operations in a successful manner and in the expected time period; the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 26 of the company’s 2023 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements. View source version on businesswire.com : https://www.businesswire.com/news/home/20241205712836/en/ Randy Stuart -- +1 713-283-8609 KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: OIL/GAS ENERGY SOURCE: Chevron Corporation Copyright Business Wire 2024. PUB: 12/05/2024 04:15 PM/DISC: 12/05/2024 04:17 PM http://www.businesswire.com/news/home/20241205712836/en